Fifth Third Bank 2014 Annual Report Download - page 129
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
127 Fifth Third Bancorp
2013. The Bancorp recognized no OTTI on its investments in
private equity funds during 2014. Refer to Note 27 for further
information.
The Bancorp purchases life insurance policies on the lives of
certain directors, officers and employees and is the owner and
beneficiary of the policies. Certain BOLI policies have a stable value
agreement through either a large, well-rated bank or multi-national
insurance carrier that provides limited cash surrender value
protection from declines in the value of each policy’s underlying
investments. Refer to Note 1 for further information.
In 2009, the Bancorp sold an approximate 51% interest in its
processing business, Vantiv Holding, LLC. As a result of additional
share sales completed by the Bancorp, its current ownership share
in Vantiv Holding, LLC is approximately 23%. The Bancorp’s
ownership in Vantiv Holding, LLC is accounted for under the
equity method of accounting. Refer to Note 19 for further
information.
OREO represents property acquired through foreclosure or
other proceedings and is carried at the lower of cost or fair value,
less costs to sell. Refer to Note 1 for further information.
15. SHORT-TERM BORROWINGS
Borrowings with original maturities of one year or less are classified
as short term, and include federal funds purchased and other short-
term borrowings. Federal funds purchased are excess balances in
reserve accounts held at FRBs that the Bancorp purchased from
other member banks on an overnight basis. Other short-term
borrowings include securities sold under repurchase agreements,
derivative collateral, FHLB advances and other borrowings with
original maturities of one year or less.
A
summary of short-term borrowings and weighted-average rates follows:
2014 2013
($ in millions) Amount Rate Amount Rate
A
s of December 31:
Federal funds purchased $144 0.08% $284 0.03%
Other short-term borrowings 1,556 0.08 1,380 0.09
A
verage for the years ended December 31:
Federal funds purchased $458 0.09% $503 0.12%
Other short-term borrowings 1,873 0.10 3,024 0.18
Maximum month-end balance for the years ended December 31:
Federal funds purchased $286 $925
Other short-term borrowings 3,756 8,001